This overlay indicator marks Linda Raschke short-term bar setups on the price chart. It flags Turtle Soup and Turtle Soup plus one false breakouts of a prior extreme, 80-20 bars, inside bars, failed inside-bar breakouts, outside up and down bars, NR4 and NR7 c
Indicator · Pine Script v5 · On the chart
RS Rating for Indian Market
Calculates an Investor's Business Daily (IBD) style Relative Strength (RS) rating and plots an RS line directly on the price chart.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code462
Settings10inputs
LicenceNone stated
Last update2 years ago7 May 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
RS Rating for Indian Market evaluates price performance against a comparative benchmark index (defaulting to NSE:NIFTY). Optional visual markers highlight recent RS line new highs, including setups where relative strength makes a new high before the price does. Settings allow customizing the reference symbol, vertical visual offset, benchmark scaling value, and high-detection lookback period.
- IBD MarketSmith-style relative strength rating calculation
- Comparative benchmark tracking against Nifty or custom symbols
- RS line overlay on the main price chart with manual offset
- RS new highs and leader detection markers
Details
Published by
Fred6725 on GitHub
Code credit
RaviYendru thanks for providing the intial script, as written in the script's header
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Oscillators & momentum, Breakout
Markets
Stocks, Indices
Timeframes
H4 and above
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Hide Rating | bool | false | hideRSRat |
| Comparative Symbol | string | NSE:NIFTY | comparativeTickerId |
| Indian or other market mod | bool | true | compareagainstall |
| Value of Comparative Symbol | int | 22003 | SpxValue |
| Offset of the line | int | 80 | offset |
| Color of RS Line & Rating | color | color.rgb(0, 0, 255,0) | colorRS |
| Plot RS New Highs | bool | false | plotNewHigh |
| Color of Dots | color | color.rgb(38, 198, 218,60) | blueDotCol |
| Which New High | string | RS New Highs | rsNewHigh |
| Recent high look-back count | int | 40 | iRecentHighLookback |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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